$18M Spec Industrial Project Lands in High-Tech Corridor

"We feel with the demographics and the vacancies in that area, (general industrial space) is in short supply," Alan Gillespie, vice president with McShane Construction Corp.'s Phoenix office tells GlobeSt.com of the decision behind the speculative build. McShane partnered with MetLife Real Estate Investments in a joint venture to purchase the 25-acre site in July for $4.7 million from Empire Southwest LLC, a Mesa-based construction equipment firm that had scrapped plans to build a dealership on the property.

Instead, the parcel at Price and Frye roads will be developed into four industrial buildings, which will include two 57,450-sf light industrial buildings and an 86,400-sf general industrial building. The trio will deliver in summer 2004, with plans to later add a fourth building designed with 106,570 sf. All of the buildings are geared for users looking for 14,000 sf and up.

Gillespie says no leases have yet been signed, but he anticipates a quick lease-up to general industrial, light manufacturing, assembly and high-end distribution users who service companies such as Intel Corp., Motorola Corp., Boeing Co. and Microchip Technologies Inc., all situated along the Chandler Boulevard and Price Road high-tech corridor. Easy access to the Valley's freeway system and nearby amenities, including the Chandler Fashion Center, make the location ideal, he says.

"We're already getting interest even though we don't even have a brochure together yet," Gillespie says of the project, designed by Patrick Hayes Architecture of Scottsdale and to be constructed by McShane. Pete Wentis and Kevin Cosca, both with CB Richard Ellis Inc. in Phoenix, were awarded the leasing contract for the McShane Chandler Industrial Park.